The business of receiving, safeguarding, and lending of money is called ___?

Banking

What is the role of a bank in the financial system?

A bank acts as a financial institution that takes deposits, lends money, and provides various services to society.

Fill in the blank: The maturity value of a Recurring Deposit Account includes all deposits made every month plus the ___ earned on it.

Interest

True or False: The maturity period for a Recurring Deposit Account can range from 1 month to 5 years.

False. The maturity period can range from 3 months to 10 years.

Riddle: I am a financial institution that takes deposits and gives loans, but I am not a tree. What am I?

A bank

The specified amount that a depositor chooses to deposit every month in an R.D. Account is known as ___?

Monthly deposit

How does the maturity value of a Recurring Deposit Account benefit the depositor?

It provides a lump sum amount at the end of the maturity period, which includes the total deposits made and the interest accrued.

Riddle: I am a service that lets you send money from one account to another. What am I?

Money Transfer

Riddle: I am the final amount received, a combination of deposits and interest. What am I?

Fill in the blank: The formula for maturity value is M.V. = (P × n) + ______.

Interest (I)

Fill in the blank: Banks provide ______ to keep jewellery, documents, and valuables safe.

Lockers